Matt Scott: Should Europe’s top clubs be depressed by deflation?
“Inflation is unjust and deflation is inexpedient. Of the two perhaps deflation is, if we rule out exaggerated inflations such as that of Germany, the worse; because it is worse, in an impoverished world, to provoke unemployment than to disappoint the rentier,” John Maynard Keynes, Essays on Persuasion
Whether or not you have heard of John Maynard Keynes, and whatever you might think of the orthodoxies (libertarians mostly consider him a false prophet of the dismal science,